Vietnam Foreign Selling Hits VND 3,140.8B as VIC, VHM Drag VN-Index to Fifth Weekly Loss

Overview

Foreign investors net sold VND 3,140.8 billion on Vietnamese exchanges in week 42, including VND 2,846.3 billion in matched-order selling, according to weekly market data. Real estate was the heaviest drag on the VN-Index, with Vingroup (VIC) and Vinhomes (VHM) accounting for most of the sector’s roughly 20.1-point negative contribution, extending the benchmark’s correction to a fifth straight week.

Key Facts

• Foreign investors net sold VND 3,140.8 billion for the week; matched-order net selling totaled VND 2,846.3 billion (about USD 125.6 million).
• Average matched-order turnover on HOSE reached VND 11,212 billion per session, down 13.30% week-on-week and 14.50% below the five-week average.
• Across all three exchanges, average daily turnover was VND 14,576 billion, with matched orders at VND 12,261 billion per session, down 13.73% from week 41.
• Real estate removed about 20.1 points from the VN-Index, led by VIC (-13.5 points) and VHM (-6.8 points); 11 real estate stocks weighed on the index against only about 1.8 points of positive contribution.
• Banking was the largest offsetting sector at roughly +3.2 points, led by MBB (+2.2), VPB (+2.1), TCB (+1.8), SHB (+1.4), ACB (+1.2) and HDB (+1.1), partly offset by STB (-4.4) and LPB (-4.0).
• Foreign matched-order buying concentrated in MBB, PVT, HPG, BVH, CII, NT2, HCM, SHB, DGW and VPI; selling concentrated in VIC, TCB, VIX, FPT, VCI, VHM, HDB, MSB and ACB.
• Proprietary desks net sold VND 96.8 billion overall but net bought VND 537.9 billion on a matched-order basis.

What Happened

The data, compiled from weekly exchange trading statistics, show liquidity contracting across most sectors in week 42 while 12 of 18 industry groups fell. Real estate kept roughly 17.6% of total market turnover, but its transaction value dropped 13.4% and its price index fell 4.2%. Banking, by contrast, raised its share of market turnover from 26.2% to 29.8% even as its transaction value slipped 1.8%, with the sector gaining 0.8% in price.

Foreign flows followed that rotation. Matched-order buying was concentrated in Basic Resources and Insurance names, while selling was heaviest in Banking and Real Estate. VIC and VHM topped the foreign sell list, alongside TCB, VIX, FPT and VCI. On the proprietary side, desks bought VPB, HPG, FRT, PVT, VCB, MWG, HAH, FUEVFVND, SSI and HVN, and sold TCB, MCH, VHM, VIC, CTG, MSB, STB, HDB, LPB and NT2. The source does not disclose the exact reporting period dates beyond the week 42 designation.

Market Context

Vingroup (VIC) trades on HOSE and closed at VND 215,000 on 17 October 2026, while VHM closed at VND 61,000. Both sit at the center of the current correction: the real estate complex has now weighed on the VN-Index through five consecutive weekly declines, and the sector’s 4.2% weekly price drop outpaced the broader market. The pullback is unfolding against falling turnover rather than panic volume, with HOSE matched-order liquidity 14.5% below its five-week average, a pattern that typically signals buyer withdrawal rather than broad liquidation. Banking stocks, including TCB at VND 33,200 and FPT at VND 58,200, absorbed part of the rotation but not enough to offset large-cap real estate losses.

Strategic Significance

For long-term holders, the key signal is the divergence between foreign positioning and domestic sector rotation. Foreign money is exiting the large-cap real estate complex, where VIC and VHM carry outsized index weight, and rotating into banks, basic resources and insurance. That shift matters because real estate earnings recovery depends on credit availability and project absorption, both of which are sensitive to policy and funding conditions. If foreign selling in VIC and VHM persists while banking attracts inflows, the VN-Index’s composition of returns changes: index performance becomes more dependent on bank earnings and less on a property-led re-rating. The proprietary desk’s matched-order net buying of VND 537.9 billion suggests domestic institutions are not abandoning the market outright, but they are repositioning away from the same real estate names foreign investors are selling.

What to Watch

• Weekly foreign flow data for week 43 to see whether VIC and VHM selling continues or reverses.
• HOSE matched-order turnover relative to the five-week average of roughly VND 13,100 billion per session, to gauge whether liquidity stabilizes.
• Third-quarter 2026 earnings releases from VIC, VHM and the major banks, which will test the rotation thesis.
• Foreign-ownership and block-trade filings in VIC and VHM for signs of institutional repositioning.
• Sector money-flow share for Banking versus Real Estate in the next weekly report.